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Sensex, Nifty end lower after choppy trade; PSU banks continue to slide Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform Nifty ends 1% lower, fails to hold 10,100 mark, Sensex down 252 points Sensex ends 130 pts lower, Nifty a tad above 10100; PSU banks, realty fall Indices end higher after a choppy session, Nifty hold 10100; IT stocks gain -
Markets at Noon S&P BSE Sensex 32,504.02 -1.52% Nifty 50 9,971.45 -1.42% S&P BSE 200 4,351.57 -1.61% Nifty 500 8,762.90 -1.58% S&P BSE Mid-Cap 15,587.23 -2.03% S&P BSE Small-Cap 16,679.33 -2.26% NEWS WATCH Insolvency resolution: Tata Steel wins bid to acquire Bhushan Steel India's Tata Steel Ltd said on Friday it had been selected as the successful resolution applicant for buying debt-laden Bhushan Steel Ltd. The Committee of Creditors of Bhushan Steel had on Thursday declared salt-to-software conglomerate Tata Group's steel business as the successful resolution applicant, subject to obtaining necessary regulatory approvals, Tata Steel said in a stock exchange filing. READ MORE Tata Steel stock quote: VIEW ON MARKET Indian equity markets reacted negatively today, in-line with global markets. With US imposing fresh tariff targeted China, there is an increasing fear of a trade war which could impact economic growth. Markets are expected to remain volatile ahead of F&O expiry next week, as well as end of Indian financial year (last week before the LTCG tax kicks in). While traders should remain cautious, decline in good fundamental stocks would offer buying opportunities for long term investors (By Siddhartha Khemka,VP - Head of Research (Retail), MOFSL) 10 years of banking sector: Pvt sector gains at cost of public sector banks Soon after the credit crisis erupted in 2008-09, there was a sigh of relief that the Indian banking system was safe, thanks to the regulator debarring lenders from investing in toxic collateralised debt obligations (CDOs) or its derivative credit-default swaps (CDS). Indian companies seemed to be healthy, and a consensus was building up that India was decoupled from the global crisis. READ MORE Bharat Dynamics makes weak debut; lists 16% below issue price Bharat Dynamics made a weak debut by listing at Rs 360, a 16% below against its issue price of Rs 428 per share on the BSE. On the National Stock Exchange (NSE), the stock opened at Rs 370. A discount of Rs 10 on the offer price was offered to the retail individual bidders. The initial public offer (IPO) of the defence company that concluded last week was subscribed 1.3 times. READ MORE BSE Midcap top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME UNION BANK (I) 86.85 94.70 -7.85 -8.29 1104653 REL. COMM. 22.20 23.85 -1.65 -6.92 3437900 S A I L 69.00 73.70 -4.70 -6.38 735610 JINDAL STEEL 212.15 224.75 -12.60 -5.61 389817 BANK OF INDIA 97.00 102.20 -5.20 -5.09 324269
The benchmark indices were trading over 1% lower on Friday tracking losses in the key Asian markets which fell on fears of a global trade war.
In the global markets, stock markets slid and perceived havens such as government bonds and the yen gained on Friday as investors rushed to safety after US President Donald Trump announced long-promised tariffs on Chinese goods, stoking fears of a global trade war.
Investors fear that the US measures could escalate into a trade war, with potentially dire consequences for the global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan tracked a large overnight drop in Wall Street shares and fell 2.4 per cent, while Japan's Nikkei dropped 3.2 per cent and South Korea's KOSPI retreated 2.3 per cent. Hong Kong's Hang Seng was down 3.6 per cent and Shanghai lost 2.8 per cent.
(with inputs from Reuters)
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